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harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republ
there was earlier in the day. mitch mcconnell and harry reid say they're going to come out and try to hammer out a bipartisan deal that can pass the senate with enough republican votes to convince the house to act and even president obama who had been concerned that they were not going to act and challenging them for an up and down vote said he was optimistic. here's the president after that meeting. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the question is the threshold, 400 or $500,000 are the likely places that that could end up. it would likely turn off the automatic sequester by using some of the revenue from the tax increases to account as budget cuts and turn off they is quester and it would also extend unemployment benefits and do the so-called doc fix to preve
: president obama back in washington and the senate is back in session. harry reid is addressing the senate. this is days before the fall off of the fiscal cliff. senate democrats are telling republicans get out of the way of a last-minute deal, accept tax increases for people making $250,000 a year. get out of the way. accept that. joining us is the founder of the media research center. blame if problem is spending and neither side is being serious about spending. neither side is. stuart: when you put your finger on it. they are politicians, are they not? they have to have in the back of their mind, they are politicians. they have to bear in mind the next election can they get reelected? can any politician get reelected by saying i am going to cut entitlements, cut spending? you are going to lose something? >> do you realize we have been doing this for 25 years? do you understand why we are in the mess we're in now? for 25 years both sides kicked the ball down and that is why we have not had a budget in three years. nobody wants to take a stand. every single republican, republican ran for
's court. harry reid tossed it right back. are we looking at another lost day in the negotiations? hitching a right on air force one, the new senator from hawaii and it's not what we expected it to be. here we go again. the president in washington and another deadline. secretary geithner warns we will hit the debt ceiling even before we tumble over the fiscal cliff. good morning from washington. it is thursday, december 27th. this is "the daily rundown." i'm luke russert. two days after christmas and washington is back to work trying to harsh out a deal to avoid the fiscal cliff. the senate will get back from the session after holiday break. the president is expected to arrive back to the white house without his family to get back to twork mework to meet the loo deadline. mike is at the white house. let's start with you. the consensus around the hill is that we are more likely than not to go over the fiscal cliff, but there is a small chance harry reid could take a house pass bill and amend it and send it back over to the house. what are you hear being that? >> conceivably, but when the pre
2000 down .8 of a percent. harry reid's comments setting the tone early. when he spoke the markets tanked. the senate majority leader said nothing is happening in budget talks and looks like the u.s. is heading for the so-called fiscal cliff. he compared it to the ball dropping on new year's eve dropping on times square more ominously. more from the nation's capitol. in terms of industry groups and what is not working we start with financials. they're the biggest drag. money center banks like bank of america down 1 1/4%. goldman down 1%. morgan stanley down .8 of a percent. all those stocks are under pressure. tech stocks notably weak. apple inching to the round 500 dollar level. down to 510. it was north of 700 when iphone 5 came out early september. so the bear market continues to apple. as you can see, google also down, down about five bucks on the day. ibm down slightly a .10 or two. hewlett-packard off today, down one 3/4%. coming up later we have a contrarian investors sees big opportunity for hp in 2013. he nailed down the move in bank of america this year. he said it was th
know washington very, very well. we've been trying to read the tea leaves today. harry reid was out with a twitter -- a tweet early on, and then they were scheduling a news conference that. got cancelled. it got moved. now suddenly we're hearing that the house is he convening. what do you make of all the tea leaves we're reading right now? >> it's extremely chaotic and reminds me of the arguments between my two young daughters as to who is going to empty the dishwasher, except there's 500 billion in negative fiscal impulse in play here. i thought lee put it very well. the issue at this point, seems to me, i mean, it ain't over till we're over, but it seems to me is this going to be a chaotic cliff dive or more of a bungee jump wherein there does seem to be the makings of a deal. as i've described on our show before, there are technical matters that actually make it easier for republicans to support a compromise deal like the president's last offer after we go over. >> wait a minute. you don't necessarily see any of the developments today as progress per se? >> no, i don't. in fact,
going on right now, though the action is with the senate majority leader harry reid, minority leader mitch mcconnell trying to put together some alternative package that could in fact make its way through both houses. after they met with the president on friday, they sounded cautiously optimistic. here's what they had to say. take a listen. >> we'll be working hard to try to see if we can get there in the next 24 hours. and so i'm hopeful and optimistic. >> i'm going to do everything that i can. i'm confident senator mcconnell will do the same. but everybody, this is whatever we come up with is going to be imperfect. >> and t.j., there's a lot of pressure on lawmakers and on the president to get something done. we've already seen the markets impacted by this. a lot of americans have just expressed frustration and concern over what's going to happen to their tax rates in the new year if in fact lawmakers can't get a deal. so there's a lot of public pressure to get something done on this. and of course, time is really running out. t.j.? >> kristen welker for us at the white house. than
anybody is actually doing anything right now. gregg: what about harry reid? what's his, does he have anything at all maybe towards the end of the week he will put on the table? i've been hearing he will put to a vote an extension of the bush tax cuts for anybody making under $250,000 a year, extend unemployment benefits for some 2 million people that are about to lose them. what are you hearing? >> right. he sounded pretty pessimistic this morning but that could change and there's, kind of a fight, procedurally between the house and the senate in a sense that if reid originates a bill in the senate that would do what you said, people in the house say, well that would be unacceptable because the constitution requires revenue bills to originate in the house. but there is this bill that the house did pass a while back extending tax cuts for everybody. the senate could actually amend that bill. it originated in the house and then send it back and actually get somewhere. you have to remember that john boehner actually gave in on the principle of raising tax rates for the highest earners.
to see you. within the past hour, senate majority leader harry reid spoke on the floor. he really gave it to john boehner. he got pretty personal. >> he did. he really laid the blame at boehner's lap. talked about the fact that he was surprised that the house isn't even in session, which is true, but let's get real. the senate came back into session this morning. most importantly, he was very, very pessimistic about getting anything done before we reach that fiscal cliff. listen to what he said. >> the speaker just has a few d days left to change his mind, but i have to be very honest, mr. president. i don't know time wise how it can happen now. >> let me kind of lay out the state of play. i'll try to keep it out as much as possible. this is something everybody is focused on. the ball is in the senate's court right now. so what senator reid, who you saw earlier, and the president, what they are trying to figure out is whether or not they can craft what the president called a scaled-back bill, which is what he campaigned on. raising taxes for everybody making more than $250,000 a year a
" deadline less than a week from now. senate majority leader harry reid was reportedly at the capital on christmas working on a scaled-down plan to avoid tax hikes for all about the wealthiest americans. his plan would include short term spending cuts instead of long-term deals that had been sought. >>> from hawaii. comes word that president obama will cut short vacation and return to washington later today to take part in "fiscal cliff" negotiations. christmas day the president and first lady met with servicemembers and their families. the president told the marines he was grateful for their service and posed pour pictures. >>> recent college graduates are having a tough time getting jobs in their desired lines of work. according to the latest u.s. census figures about 2 60,000 young adults with college degrees in california are working in food service and retail. >> couldn't get a job in the field that i wanted to so i figured i have to start at the bottom. >> without higher paying jobs, it's that much harder for graduates to pay back student loans weapon tuition rising across the n
, it's up to the senate. staffers and a majority leader harry reid, minority leader mitch mcconnell are trying to negotiate a scaled-down debt deal to avoid some of the fiscal cliff and take other major decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part ofhe discussion. that is significant development r house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiate
kick in january 1st. this morning harry reid launched a scathing attack on house republicans for not returning to washington. >> i can't imagine their con chens they are out wherever -- consciences they are out wherever they are and we are trying get something done. >> newly appointed senator flew back with the president today, left governor currently will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and talking to hospital staff. >>> there is a bright spot for the economy, new homes selling at fastest past in more than 2 1/2 years. strongest showing since april 2010. when home buyer tax credit boosted
out a deal before major tax hikes and spending cuts kick in january 1st. this morning harry reid launched a scathing attack on house republicans for not returning to washington. >> i can't imagine their con chens they are out wherever -- consciences they are out wherever they are and we are trying get something done. >> newly appointed senator flew back with the president today, left governor currently will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and talking to hospital staff. >>> there is a bright spot for the economy, new homes selling at fastest past in more than 2 1/2 years. strongest showing since
>> the president said that right now senate democratic leader harry reid and senate republican leader mitch mcconnel are working on a deal. he meet with them along with house speaker john boehner and house democratic leader nancy pelosi.at the white house for about an hour today. he said the meeting was good and constructive. but expressed his frustration for the american people with waiting until stories... >> america wonders why you cannot get things done in this town in an organized timetable. why does everything have to wait until the last minute? now, we are at the last minute. the american people are not going to have many patients for a self-inflicted wound to our economy. >> reporter: coming up at 5:30 we'll have more from the president. and our political analyst michael yaki will give us his take on today's developments. >> catherine: there's rain on the way this holiday weekend. this is a live look from our camera on mount tam. and a look at downtown san francisco. i'm here in the weather center with jacqueline bennet -- where is the wet weather? >> jacqueline: we are
: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a bipartisan agreement on a smaller fallback plan to keep at least some taxes from going up. after the meeting, house democrat leader nancy pelosi told us she's at least a little encouraged. >> it was constructive. as i say, candor is constructive, and i think it moved us forward, but we'll see. >> reporter: it was the first meeting with the president and all the congressional leaders in six weeks. it follows an impasse that has shaken wall street, the dow down more than 400 points since talks stalled last week. and on main street, business owners like drew greenblatt, who owns a wire basket manufacturing company in baltimore, say the coming fiscal cliff is already causing pain because they just don't know what will happen to their taxes. >> right now we're doing our budget. we're deciding how many people we're hiring next year. we're figuring out how many robots and machines we'll invest in our factories. >> reporter: and across the country all the political bickering had people o
on december 31st. senate majority leader harry reid is working to see if the scaled backpackage the president laid out last week can get through congress before monday. meantime, treasury secretary timothy geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans
. the president, vice president biden, senate majority leader harry reid and house minority leader nancy pelosi on the democratic side. house speaker john boehner, mitch mcconnell representing the republicans. brianna keilar live from washington. what do we expect to happen today? any new offers from the president or house speaker? >> we don't know. right now, all eyes on the senate to see what senate majority leader harry reid can cobble together to get some republican support. technically, it's still possible to come to an agreement. that said, politically is a different story, and the prospects for coming to a deal are starting to dim. right now, we're hearing a whole lot of the blame game. a lot of public posturing from both sides as they prepare for the possibility of going over the cliff. let's listen to harry reid. >> we are here in washington working while members of the house of representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. >> now, the speaker of the house, john boehner, sort of retorting t
the senate's democratic majority leader harry reid and republican minority leader mitch mcconnell offered their takes on the meeting. >> we had a good meeting down at the white house. we are engaged in discussions, the majority leader, myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. and so we'll be working hard to try to see if we can get there in the next 24 hours. and so i'm hopeful and optimistic. >> whatever we come up with is going to be imperfect. some people aren't going to like it. some people will like it less. but that's where we are. and i feel confident that we have an obligation to do the best we can and that was made very clear. >> brown: house speaker john boehner aides said if the senate passes a bill the house will take it up and either accept or amend it and a short time ago president obama appeared in the white house briefing room with a statement. here is some of what he said. >> we had a constructive meeting today. senator
and they are scattered throughout the country and taxes are going up on january 1st. let's listen to harry reid. he is not happy about the house and being away. he is the top senate democrat. >> we are here in washington working. we have the house of representatives out watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. >> here's a reality. reid said it's beginning to look to him as though we will plunge over the cliff come tuesday. they are keeping an eye on washington to see what develops. since it looks as though we are headed for higher taxes, i want to bring in terry savage, a personal finance expert for the chicago sun times. terry, let's walk through the higher taxes. we heard little class families are likely to lose $2,000 a year. you break it down this way for single earners making $85,000 a year if their take home pay is $2500 every two weeks. when the higher taxes kick in, they will see their pay go down $120. that's not a little. we are taking a major hit. >> this is big money. almost $400 a month. when you add up a cou
are at punch bowl, national military cemetery on the island where the senator will be buried. harry reid has been making a speech moments ago and telling a where senator bob dole like senator inouye, they recuperated in michigan and later served in the senate together, bob dole walked up to the casket and lifted his left hand, his right hand was badly damage and saluted. a poignant moment. president obama at the washington cathedral, it was his really earliest political inspiration. both the president and senate majority leader reflecting on daniel inouye both a long time legislator but two days they will be getting back to work on the fiscal cliff. >> heather: the difficult job of reporting from hawaii, thank you so much, ed. >> gregg: the mother of john hammer telling her son is now in a louisiana hospital. he was released from a mexican prison last week after months behind bars. mexican authorities arrested him after he carried an antique shotgun into their country, even though he says he legally declared the weapon and had a permit for it. today his dad reportedly brought him to the emer
. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a scary statistic for the recent college graduates. the number of young californians with the degrees working in restaurants or the retail, they have nearly doubled over the last five years. cbs 5 reporter tells us that these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season, or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau, there are about 260,000 young adults with college degrees in california, taking work and food service in retail because they can't get anything else. >> it's pretty sad now, yeah. >> reporter: graduating with a computer science degree. >> i graduated with my bachelor's in 2009 and my first job was actually at a retail store at the mall. at first it was kind of embarrassing. >> i
will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau there are about 260,000 young adults with college degrees in california taking work in food service and retail because they can't get anything else. >> pretty sad now. >> reporter: roary graduated with a computer science degree. >> i graduated with my bachelors in 2009 and my first job was at a retail store. at first it was kind of embarrassing. >> i couldn't get a job in the field i wanted to. i figured i have to go to law school to get where i wanted to be. >> reporter: even with a higher degree it is still tough. bill song is still. >> college and he's worried about his future bec
lieberman trophy this year, john, goes to harry reid. >> on my side of the political agenda, mitch mcconnell is a winner. and i would also include jon huntsman, who i think had an opening to really make an impression in the republican primaries and he sure didn't. >> does mitch have a problem in kentucky? >> well, there is a singer who has her -- a senator who has her eye on his seat. >> what is she doing? >> clint eastwood's unbelievable gig at the republican convention that put he everybody to sleep and took the momentum out of that entire evening on television. >> how can you improve on that? >> i have a tie between clint eastwood's chair and donald trump. which way would you go? >> that's a tough one. most boring, the olympic opening ceremony. a showcase of all things british. harry potter, james bond, mary poppins. it paled in comparison to china's extravaganza. most charismatic, pat? >> rg3. redskin rookie of the nfl. maybe mvp. has set this city on fire. >> marco rubio. senator from florida whose articulate to the point of almost being dem ogic. . but he is a riveting speaker
parties. from the democrat-controlled senate, top democrat harry reid, and the top republican mitch mcconnell. senator reid says there is no time to reach a deal. mr. mcconnell says he is more optimistic. then from the republican controlled house of representatives, the top republican john boehner has rejected president obama's previous offers and the morse -- most senior democrat in the house, nancy pelosi. what is the cliff and can be avoided? >> the house of representatives will be going back into session sunday but at this point we do not know what kind of measure they have before them that they can consider for a vote. there has been no indication from the white house or the republican leadership that they are anywhere near any kind of makings of a deal that they could present to the house republican leadership -- or the house republican rank-and-file who so far have been adamantly opposed to tax increases at any level of income, which is an absolute prerequisite for president obama. if they do not come to some kind of agreement, but that tax to be voted on -- and there is doub
because people can't do their jobs. >> reporter: harry reid and mitch mccono agreed to spend the weekend working on a fall back plan that can pass both chambers of congress. >> some people will not like it, but that's where we are. >> reporter: president obama is pushing for a stop gap measure that would at least avoid tax increases on people earning less than $250,000. frustration is growing. a simple stop gap percent is not what men -- measure is not what many in washington hoped for. many blame president obama for the collapse of a bigger deal that would reduce spending and cut the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together. >> house members don't get back here tonight sunday night. >>> president david wilson may be getting a remove of sorts after a lengthy public meeting months announced it is negotiating to keep him on until june 2014. his current contract expires in june of 2013. it was a rough year with two shootings on campus. >>> the russian president signed a law banning americans from adopting russian children. a law
senator harry reid. this is what he said yesterday on the senate floor. >> american people don't understand the house of representatives operating without the house of representatives. it has been operated with a dictatorship of the speaker. stuart: that were dictatorship of the speakers very strong, confrontational language. joining me is the democrat's strategists, welcome back to the program. i am saying using language like that is not conducive to getting a deal or progress when the two sides get together at the white house this afternoon. that is a mistake. i don't think the senator should have said that. >> john boehner is not a dictator. he is being held hostage by members of his caucus who won't let him negotiate. i don't think it's fair to say he is a dictator of any kind. he has been trying to work something out, even raising taxes on people over $1 million. people of his own caucus won't let him do that. stuart: you are shining appraise -- >> i feel bad for the guy. i have been saying for weeks he lost control of the caucus. stuart: i won't point blamed either side.
they shifted the focus for the need for majority leader harry reid and the senate democrats to do something. >> the way the senate is fon functionm right now, not even bringing the bills upper committee is frustrating to those of us in the house that are doing the work that has to be done. if senate wants to resolution, the senate has to actually pass something on this. we have done our work. senate has to respond. >> challenge is determining what passed the republican-led house and democrat-controlled senate. fiscal conservatives say a smaller stop gap measure to avoid the cliff won't work. >> if we, in fact, do not use this period of time before right now, deal with the bigger issue and entitlements, if we just continue to kick the can down the road. the market will respond in a more permanent and negative way to our inaction. >> one thing leading republicans and democrats seem to agree on is time is running short. veteran senate democrat says there is a very small window to get something done. >> if we don't have a deal within the next 24 hours, the question is where do you buy a pair of
behind closed doors with house speaker boehner, senate majority leader harry reid and senate minority leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty apparent that we are not going to do what we've been called to do. this is 112th congress. we have had two years to deal with quote the fiscal cliff. >> let's bring in our man at the white house, peter alexande
leader harry reid to leave the west wing. but at his point, three out of the four left. didn't say a word. we don't expect the senate majority leader to do anything different and actually talk to us about this one. so we're basically waiting for congressional aides to leak it to us. david: one thing that was just leaked to us, house speaker boehner is not going to the capitol. again they will have, they will meeting tomorrow. they may even meet sunday or even on new's year day, seems like things are wrapped up as far as john boehner is concernee. rich edson, thanks very much. shibani? shibani: goldman sachs ceo lloyd blankfein one of the ceo's set to speak with the president in an hour's time on latest details on the fiscal cliff talks. the financial sector on track for its biggest gain in nine years. what remains ahead for financials and what is at stake stake for the industry with the fiscal cliff looming? let's ask marty mosby, guggenheim bank analyst. let's talk about first, marty, we hear lloyd blankfein will be on phone to talk to president obama trying to garner his support,
, was senator mitch mcconnell and here we have the majority leader in the senate, harry reid. let's listen in for a second. >> the house has reported by the press and we all know, one of the plans didn't have a name, it wasn't plan b. i don't know which plan it was because they've had a number over there. but this plan was to show the american people that the $250,000 ceiling on raising taxes wouldn't pass in the house. why didn't they have that vote? because it would have passed. they wanted to kill it. the speaker wanted to show everybody that it wouldn't pass the house. but he couldn't bring it up for vote because it wouldn't pass. republicans -- a myriad of republicans think it's the fair thing to do and of course every democrat would vote for that. the republican leader finds himself frustrated that the president has called on him to help address the fiscal cliff. he's upset because, quote, the phone never rang. he complains that i have not passed the resolution to pass the fiscal cliff but he's in error. we all know that in july of this year we passed in the senate the relief that wo
these prevent it, in control of whether or not your taxes go up come new year's day. harry reid, minority leader mitch mcconnell, house speaker john boehner and house democratic leader nancy pelosi met at the white house yesterday afternoon with the president and vice president. here's where things stand right now. the senate leaders are meeting aiming to avoid tax hikes. and they may vote on a deal sunday or perhaps on monday. jessica yellin is our chief white house correspondent. lisa day jar dayne is on capitol hill. the president used his bully pulpit to reinforce the idea that senators need to get busy. so let's listen. >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable, why everything always has to wait till the last minute. we're now at the last minute. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> so jessica, you were
tomorrow afternoon. host: both majority leader harry reid and mitch mcconnell both expressed optimism after the meeting with the president. what is the basis of their optimism? is this a sign we might be one step, two steps, through step closer to a deal? caller: it does appear we are a step closer to a deal. they are talking about doing is extraordinarily popular stuff. except for the big marquee item, which is letting taxes rise on the wealthy. the rest of the stuff they are looking at doing the stuff they do all the time. it is extending an expiring tax policies. they know the benefit businesses. extent college tuition credits. there are looking at protecting people from the alternative minimum tax. it is all very urgent stuff that needs to be done. there are only two remotely controversial pieces of this, that is what to do with the estate tax and to how to define the wealthy people whose taxes are going to go up. the rest of it is, basically protecting people from tax hikes. i guess extending unemployment benefits and sometimes controversial for the republicans. it appears to have agre
to president obama and harry reid to come one their plan and send us something and then we'll work on it. host: why did the plan b fail guest: in short because it involved tax rate increases and in effect would have led to tax rate increases. boehner args the vote itself was to extend tax cuts that there's nothing in the bill, nobody was actually voting for tax rate increases but the effect is it would have been a tax rate increase and enough conservative republicans in the house said i made a pledge not to raise taxes and this is a tax increase because by not doing anything the voters will see the tax increase so enough to have them said we won't go with you that he knew he simply wouldn't have support. it was dozens and so he was not going to get any democratic support for it, so he had toful bill. -- so he had to pull the bill. host: and talk about arm-twisting. is it these people came to him and said there's no way we're going to vote for it or did he do a head count and just say, i won't have enough votes to pass my bill? guest: a little bit of both. i was outside while they were huddling
leader harry reid in the "new york times, returning to the u.s. capitol. his shadow. what's the relationship between harry reid and mitch mcconnell? guest: it's hard to tell. the rhetoric on the senate floor can be pretty tough. they call each other my dear friend whenever you want them on the c-span channels, but i think they both are in a frustrating position. senator harry reid does not have more than 60 members, so we cannot block a filibuster but senator mcconnell is adept at applying in cases where he'd want to block legislation. but i think they both have respect for each other's legislative skills and they have proven in the past that when they need to cut a deal, but can cut a deal and bring their party's members with them. host: john mccain writes a big budget deal is still worth doing. he points out to the history of some of these agreements, most notably with ronald reagan in the 1980's and president bush in 1991 in which republicans agreed to spending cuts that never happened while raising taxes. guest: that's right. there's a little confusion about how much s
at the white house the president meets with all the key congressional leaders, top democrats harry reid and nancy pelosi leading republicans mitch mcconnell and john boehner. no deal can be reached in past without their cooperation. with the meeting comes a glimmer of hope. in the past all the ifisical cliff talks meetings like this have been the least productive of all. whether he meant to or not the senate majority leader may have spoken for a nation exhausted by seemingly endless fiscal cliff negotiations. >> what's going on here? >> reporter: what indeed. president obama returned to the white house in a grim mood. he met with no congressional leaders and said nothing about his efforts to avert the fiscal cliff, talks continue between senior white house and congressional staff, but that's been true throughout this entire saga. with the deadline looming there were dire predictions. >> come the first of this year americans will have less income than they have today. >> reporter: and recriminations. >> now republicans have bent over backwards. we stepped way, way ou
and the senate to avert the cliff. so now harry reid is believed to be crafting a plan of his own. it's expected to extend bush-era tax cuts. it would also include short-term spending cuts instead of the massive cuts that would occur if there is no deal. it would also patch up the alternative minimum tax that will hit even more middle class families and schedule a drop off for doctors. >> if republicans do give in and support the deal being put together by harry reid that deal is expected to be far less favorable than the potential deal they had been working on with president obama. >> republican strategist, frank luntz has been talking with voters, what is the chance you see this becomes the new compromise? >> i'm not sure if hooert side is watching very closely. we did a survey and we got two interesting questions. one that's very tough on republicans. we asked the american people who is the gop fighting for and representing, the number one answer, the rich the number two answer, big business, well back is number three hard-working taxpayers. by them fighting this on the
through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis, but yes of the fiscal cliff. it seems we have this moment where this animal goes over the cliff, all limbs are still rotating around and we're staring into the abyss and eventually we're going to fold. >> i love t
temporarily. >> wait a minute, jared. john boehner said it's up to the president and harry reid so are both sides standing at the precipice waiting for each other to make the next move. >> not really. it really is all up to john boehner to decide whether he wants to bring this vote to the house floor. if he doesn't, i would put on either your cliff bungee cord or your cliff parachute and that's actually an important difference. >> we would like a bungee cord and a parachute. >> right. >> but i would like to know maybe we have neither. what do you think happens to the market, matt, in either scenario, deal or no deal? >> i can't imagine we're going to get a deal done with any significance. you know, they are probably going to change it as we go forward so maybe they will let us go over the cliff, the market will crash a little bit. i don't want to say crash as in crash but we could retrace some of the gains and a rough start to 2013 until they finally realize that maybe the large-cap companies could be leading us through the rallies. maybe it will take the stocks back up the latter half of 2
. >> clayton: they all said the same thing. presidential meeting with the leaders yesterday. harry reid. >> juliet: vice president showed up. >> clayton: they must have been all on the same table hey whether we lee this table we will say modestly optimistic. listen to senator mitch mcconnell who may be the linchpin of this whole thing. he said i will take the ball and run with it in the senate. get a deal done. listen to the senator. >> we had a good meeting at the white house. we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. we will be working hard to see if we can get there in the next 24 hours. so i'm hopeful and optimistic. >> charles krauthammer calling him a master negotiator. saying if it were left up to him he could solve the syrian civil war in a weekend. >> dave: he can get it done but there is still john boehner and the house republicans. i'm not modestly optimistic. anything through the hou
and will not be done with a partisan vote. >> holman: senate majority leader harry reid agreed with that assessment, but he suggested there's a way to recover. >> now, i like john boehner, but gee whiz, this is pretty big political battering he's taken. what he should do is allow a vote in the house of representatives on a bipartisan bill. it will pass. >> holman: the president met this afternoon with reid and spoke with boehner, then came to the white house briefing room. >> in the next few days work towards a package that avoids tax hike on mid class, >> and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> bayne never >> holman: in his appearance earlier, boehner, flanked by majority leader eric cantor, sounded doubtful, but said he's willing to try. >> how we get there, god only knows. all i'm telling you is that eric and i, and our team here are committed to working with our colleagues on both sides of the aisle, both sides of the capitol, and the white house to address that. >> holman: still, as the capitol
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